5 Popular Penny Stocks On Robinhood

4. Canopy Growth Corporation (NYSE:CGC)

Share Price as of October 27: $3.10

Number of Hedge Fund Holders: 10

Canopy Growth Corporation (NYSE:CGC) is a leading cannabis company with operations across the globe. The company has a diversified product portfolio and a strong presence in key markets, including Canada, the United States, and Europe. The company is well-positioned to capitalize on the growing global demand for legal cannabis products with its industry-leading brands, including Tweed and Spectrum Therapeutics. Canopy Growth Corporation (NYSE:CGC) is rising in popularity among Robinhood investors and, as of October 27, the stock has a 3-month average trading volume of 13.1 million. The stock ranks high among the best penny stocks to buy now.

On October 26, Canaccord analyst Matt Bottomley raised his price target on Canopy Growth Corporation (NYSE:CGC) to $4.25 from $2.75 and upgraded the stock to Hold from Sell. This October, Alliance Global Partners analyst Aaron Grey raised his price target on Canopy Growth Corporation (NYSE:CGC) to C$4 from C$3.50 and reiterated a Neutral rating on the shares.

At the close of Q2 2022, 10 hedge funds were long Canopy Growth Corporation (NYSE:CGC) and held stakes worth $21 million in the company. Of those, Millennium Management is the top investor in the company and has stakes worth $8.98 million.